STATED INCOME MORTGAGE - Are they still available

[Anonymous]

and where do I go to apply for one.

Thanks

[me12345]

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@Anonymous wrote:

and where do I go to apply for one.

Thanks

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No.....In fact many banks had already discontinued those "Stated Income" loans long before The Dodd-Frank final rule. It requires that the lender document the borrowers "Ability to Repay" (ATR) ....so now, even many of the "Non-Prime" asset based loans also require that proof of income be documented.

Thanks,

[dorkface]

I am an investor and cannot show income through traditional means. I refinanced a rental property with stated income about a month ago. They were concerned with property value, property cash flow, credit scores and bank statements. 6 month PITI reserve required. Good rate, easy quick close.

Appraisal and credit check process a bit more expensive than usual, and rate a few points higher than prime. But that's always been the deal with these.

You will need to show bank statements and reserves. If you cannot show this, you will be wasting your time.

You will need a median fico mortgage score of 650 or higher.

The company I used was rental home financing. A quick internet search will yield many more. The state your property is in will affect availability.

To my knowledge these are not available for primary residences (owner occ). Strictly investment props.

Good luck

[me12345]

My previous post where I referenced "Dodd-Frank and the ATR Guidelines" (Ability to Repay) were in reference to Primary homes or Owner Occupied only.

Investment property or Rental property, can be done without income verification, some only require the the property cash flow.

Thanks,